ECONOMIC STATISTICS

Learning outcomes of the course unit

a) Knowledge and understanding. The course introduces the knowledge of new quantitative skills, useful in the teachings taught in other courses after this. In particular, it provides expertise on the main statistical methods for analysis of economic phenomena and business of various kinds, and deepens the problems of parameter estimation and diagnostic selection of a statistical model. These techniques include: evaluation of averages, variability, simple and partial correlation, hypothesis testing (and associated results of the elementary theory of probability); additionally, they introduce the simple linear regression model and its generalization to multiple regression, with application to cross-sectional and longitudinal problems. Attending class and solving exercises will increase the student's ability to develop autonomously, the type of "statistical decision problem" that can be faced in the economic and business environment, which characterizes the nature of the degree in International business Development.

b) Applying knowledge and understanding. At the end of the course, the student will be able to implement independently the techniques discussed above. The student will have therefore developed advanced expertise, with associated diagnostic skills, which are essential ingredients in building a good statistical model, with the possible support of an appropriate information system.

c) making judgements. At the end of the course, the student will be able to perform autonomously all the considerations regarding the problems of economic and business statistics. In addition, the student will be able to correctly interpret the results of such analysis, even when made by other users or experts. By studying the content of the course, the student matures, therefore, a high degree of autonomy aimed at the correct judgment of the application of proper technique and the associated ability to rework the quantitative knowledge acquired, with the objective of significantly maximizing the information content in terms of business development.
d) communication skills. At the end of the course, students can interact constructively with management figures of each profile. The ability to summarize the statistical information of complex nature, providing, in addition, effective quantitative synthesis, allows students to contribute with their views to the development and the creation of economic and business decision making.
e) learning skills. Students will have the opportunity to assimilate the results of key economic statistics which underlie the construction of a statistical model with applications to economic and business decision making. After completing the course, the student will have learnt the key concepts in order to accurately use quantitative tools, if they become necessary in the solution of concrete problems of business and economic.

Prerequisites

It is strongly suggested to attend the course Economics Statistics Communications Skills.

Course contents summary

The course covers the basic statistical methods and analysis of economic and business data. The focus will be on a set of techniques widely used in practice. In particular, the methods considered will start from examining synthesis of a variable (frequency distributions, averages, indexes of variability), the calculation of simple index numbers ending with the study of the link between two or more variables. For every technique it will be explained the rationale and purpose of knowledge, while the little emphasis will be given to technical details and mathematical derivations, even if there will be room for the "inference" underlying many methodologies. In this logic, specific business problems that each technique, or a suitable combination thereof, can help solving will be presented (with simplified examples so that they can be carried out in detail in the classroom) and some time will be devoted to provide critical interpretation of the results. An important aspect, which will be taken up several times during the course, in the use of computers and the support that spreadsheets of Microsoft Excel can provide for the actual application of the methods discussed in class.

Recommended readings

1) Main reference
Notes covering all contents and textbook with exercises (in preparation).